Neurogene Inc. (NASDAQ:NGNE) Receives $59.80 Consensus Price Target from Brokerages

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) have been assigned an average recommendation of "Buy" from the eight brokerages that are currently covering the firm, MarketBeat reports. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $59.80.

NGNE has been the subject of several recent research reports. HC Wainwright decreased their price target on Neurogene from $55.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday. William Blair restated an "outperform" rating on shares of Neurogene in a research note on Tuesday.

Insider Activity

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the transaction, the chief financial officer now directly owns 72,343 shares in the company, valued at approximately $1,225,490.42. This represents a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 9.92% of the company's stock.

Institutional Investors Weigh In On Neurogene

A number of hedge funds and other institutional investors have recently modified their holdings of NGNE. PNC Financial Services Group Inc. purchased a new position in Neurogene in the 4th quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Neurogene in the fourth quarter valued at $72,000. Virtus ETF Advisers LLC raised its stake in shares of Neurogene by 45.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after buying an additional 989 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Neurogene by 192.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company's stock worth $91,000 after buying an additional 1,429 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock valued at $124,000 after acquiring an additional 1,397 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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Neurogene Stock Performance

NGNE stock traded down $0.81 during midday trading on Tuesday, reaching $14.52. 98,611 shares of the company were exchanged, compared to its average volume of 210,041. The company has a market cap of $215.69 million, a price-to-earnings ratio of -3.40 and a beta of 1.01. Neurogene has a 1-year low of $13.47 and a 1-year high of $74.49. The stock's 50-day simple moving average is $16.88 and its 200 day simple moving average is $28.82.

Neurogene (NASDAQ:NGNE - Get Free Report) last released its quarterly earnings results on Monday, March 24th. The company reported ($0.99) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.05. The firm had revenue of $0.93 million for the quarter. On average, research analysts anticipate that Neurogene will post -4.27 earnings per share for the current year.

Neurogene Company Profile

Neurogene Inc, a biotechnology company, develops genetic medicines for rare neurological diseases. The company's product candidates include NGN-401 which is packaged in an adeno-associated virus 9 that is in Phase 1/2 clinical trial for the treatment of Rett syndrome; and NGN-101, a conventional gene therapy candidate that is in Phase 1/2 clinical trial to treat CLN5 Batten disease.